Los Reyes Project

Located 43 kilometres south east of the mining centre of Cosala, Sinaloa, Los Reyes has an extensive mining history that stretches back into the 1700s. Recent development work has focused on conventional milling and carbon in leach extraction of gold and silver. The Company envisions a simple heap leach operation that potentially has significantly lower capital costs and shortened time line to production. Los Reyes has significant resource upside with open extensions to known resources as well as eight additional discrete exploration targets.

“Los Reyes is an exceptional opportunity for exploration and potential development poised to fast-track through a preliminary economic assessment (PEA) with a construction decision based on low capital expenditure and reduced technical risks. The Company will work to complete the feasability study while continuing to drill in order to expand existing data as well as identify promising new targets.”                         —Company CEO, Andrew Bowering

Gold and silver were discovered at Los Reyes by the Spanish in the late 1700s and mining occurred in the area for over 150 years up until the 1950s. The Guadalupe de los Reyes underground mine opened in the late 1800s and to date is the most significant source of gold production in the district. It is estimated to have produced 500-600,000 oz of gold and 40M oz of silver at reported grades of +10 g/t Au and +500 g/t Ag.

From the 1950s through the 1980s there was limited activity in the Los Reyes area other than mostly exploration reconnaissance studies. Modern drilling began at the Los Reyes area in the 1990s and was targeted at defining shallow and lower-grade gold-silver mineralization in areas surrounding the Los Reyes underground operations. Since that time, over 40,000 meters of RC and core drilling have been completed within the current project boundaries resulting in extensive area-wide resource data.

1. The resource model for Los Reyes was prepared by Tetra Tech, Inc. of Golden, Colorado for Minera Alamos dated April 16, 2018. Updated report being filed in conjunction with the transaction.
2. No Measured Resources of Mineral Reserves of any category were identified. The mineral resource estimate has an effective date of
   February 8, 2013 and is presented in a geological report which is being amended and restated in conjunction with the transaction.
3. To the knowledge, information and belief of Minera Alamos, there is no new material scientific or technical information that would make the disclosure of the mineral resources in the Report inaccurate or misleading.
4. To the knowledge, information and belief of Minera Alamos, there is no new material scientific or technical information that would make the disclosure of the mineral resources in the Report inaccurate or misleading.
5. Mineral Resources were calculated based on a cut-off grade of 0.5 g/t Au.

Features

• Over 16.5 kilometres of mineralized strike length;
• 15.1, 14.8 and 9.5 g/t gold at surface;
• 9 kilometres of untested strike;
• Numerous surface showings untested;
• Multiple high grade surface grabs with no follow up;